DUBUQUE, Iowa —It may be part of the credit union mythology, but Dupaco Credit Union is marking its 75th anniversary after literally beginning its life in a cigar box.
Seventy-five years ago 10 employees of the Dubuque Packing Company pooled $5 each to form the credit union, borrowing six letters from their employer’s name for the name of the CU. In addition, the local union also provided a loan for $123.20.
Dupaco Credit Union said it was officially charted on July 17, 1948, by its founding members Marie Houpert, Melvin Schumacher, Alfred Carroll, R.W Reavell, Larry Vize, William Moore, Ronald Nennig, Marjorie Alm, Nellie Tucker and Manley Alm.
“These 10 employees created Dupaco on the principles of thrift, access to affordable credit and the opportunity for its members to own and control their money on a democratic basis to improve their co-workers economic and social condition,” the credit union said.
“Like many credit unions at the time, Dupaco originally served its members out of a cigar box in the office of its employer group,” the credit union continued. “This was until 1958 when the financial cooperative became the first Iowa credit union to construct its own office building, located at 1465 Sycamore Street in Dubuque. That branch remains today and is one of 22 in Dupaco’s network of branches.”
Unpacking the FOM
During the 1980s, with the closure of the Dubuque Packing Company, the credit union expanded its field of membership to those residing or working in Dubuque, Jackson and Delaware Counties in Iowa. Following those years, Dupaco’s membership continued to expand throughout Iowa, southwest Wisconsin and northwest Illinois, it reported.
Now a certified CDFI, the $3.1-billion Dupaco and its nearly 700 employees serve more than 158,000 members throughout all 50 states, District of Columbia, U.S. Virgin Islands and 28 other countries, according to Dupaco President/CEO Joe Hearn.
‘More Than Local’
“Dupaco is more than local, it’s a financial cooperative owned by its community of members,” said Hearn in a statement. “As we celebrate this milestone, I’m proud of Dupaco’s legacy and the positive impact the credit union has had with our members and the communities we serve. Team Dupaco has never lost sight of how we’ve got here; we’ll continue to serve our members with heart and smart. I’m excited to see what the next 75 years and beyond brings.”